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Downtown Condo Purchase - umbluegray - 09-03-2014 05:01 PM
![[Image: mg0120*304xx2592-1728-0-0.jpg]](http://media.bizj.us/view/img/2945901/mg0120*304xx2592-1728-0-0.jpg)
The Horizon now under contract
Quote:The long-stalled Downtown Memphis condominium tower The Horizon is under contract to sell to a new developer planning luxury condo units.
I recall the original plans were to build 2 towers. I wish that was a GO, but at least it looks like tower 1 will be finished.
RE: Downtown Condo Purchase - MGR - 09-03-2014 11:20 PM
I'll believe it when I see it. That place is screaming money pit.
RE: Downtown Condo Purchase - georgiatiger - 09-04-2014 12:05 AM
(09-03-2014 11:20 PM)MGR Wrote: I'll believe it when I see it. That place is screaming money pit.
Or maybe someone is getting a bargain and they just have to finish it out. Build it and they will come.
RE: Downtown Condo Purchase - UofMemphis - 09-04-2014 12:07 AM
(09-03-2014 11:20 PM)MGR Wrote: I'll believe it when I see it. That place is screaming money pit.
lol, youll see it soon enough...along with the Bass Pro Pryamid...renovated Chisca...and renovated Sears Crosstown.
RE: Downtown Condo Purchase - FUT - 09-04-2014 08:20 AM
(09-03-2014 05:01 PM)umbluegray Wrote:
The Horizon now under contract
Quote:The long-stalled Downtown Memphis condominium tower The Horizon is under contract to sell to a new developer planning luxury condo units.
I recall the original plans were to build 2 towers. I wish that was a GO, but at least it looks like tower 1 will be finished.
I wonder if these will be rented or sold? It did not specify in the atticle.
RE: Downtown Condo Purchase - salukiblue - 09-04-2014 09:15 AM
I remember a few years back, the original developer went broke and could pay the contractors to finish the building--in particular putting in windows. So when it was just sitting there for years (without windows) a major concern was mold damage.
I hope that was addressed.
RE: Downtown Condo Purchase - downsouth - 09-04-2014 09:21 AM
(09-04-2014 08:20 AM)FUT Wrote:(09-03-2014 05:01 PM)umbluegray Wrote:
The Horizon now under contract
Quote:The long-stalled Downtown Memphis condominium tower The Horizon is under contract to sell to a new developer planning luxury condo units.
I recall the original plans were to build 2 towers. I wish that was a GO, but at least it looks like tower 1 will be finished.
I wonder if these will be rented or sold? It did not specify in the atticle.
I think a previous article might have mentioned some rentals with the option to purchase. With a project like this it's generally best to go with rentals first.
(09-04-2014 09:15 AM)salukiblue Wrote: I remember a few years back, the original developer went broke and could pay the contractors to finish the building--in particular putting in windows. So when it was just sitting there for years (without windows) a major concern was mold damage.
I hope that was addressed.
That's not a major issue. Structurally everything is sound; that was the main concern. I'm hoping the new owner will put forth the money for some small changes, mainly the paint. That's one of the ugliest facades in town.
RE: Downtown Condo Purchase - MemphisTiger15 - 09-04-2014 09:39 AM
(09-04-2014 09:15 AM)salukiblue Wrote: I remember a few years back, the original developer went broke and could pay the contractors to finish the building--in particular putting in windows. So when it was just sitting there for years (without windows) a major concern was mold damage.
I hope that was addressed.
It was. The building has been climatized this whole time I think. I know a contractor who is owed almost $900K from the original construction, but this project put a couple of smaller subs out of business.
RE: Downtown Condo Purchase - salukiblue - 09-04-2014 12:38 PM
(09-04-2014 09:39 AM)MemphisTiger15 Wrote:(09-04-2014 09:15 AM)salukiblue Wrote: I remember a few years back, the original developer went broke and could pay the contractors to finish the building--in particular putting in windows. So when it was just sitting there for years (without windows) a major concern was mold damage.
I hope that was addressed.
It was. The building has been climatized this whole time I think. I know a contractor who is owed almost $900K from the original construction, but this project put a couple of smaller subs out of business.
Yeah. That was the real shame. The subs did a lot of work and came out empty handed.
Article form 2010 Memphis Flyer:
http://www.memphisflyer.com/memphis/lost-horizon/Content?oid=1981013
...John Gary owns a service station and convenience store across the street from the Horizon, where business boomed for more than a year, thanks to hundreds of construction workers who were daily customers. In mid-2009, with the building roughly 80 percent finished, work stopped. It was not that much of a surprise. The recession was going full bore, and there were — and are — scores of vacant condos in downtown's South End neighborhood.
"It shut down with a vengeance," says Gary, who adds that speculation about what went wrong and what will become of the building are now "the subject of urban mythology with every rumor more fantastic than the last one."
No one knows why the building was left in the state it is in. Moisture and mold, if present, could be a time bomb that would make the building a money pit for years to come. "No work has been done for over a year," says Tony Bologna, a Memphis architect who consulted for the developer of the project. "It was not sealed up, so it has been open to the elements and the change in temperatures. That's got to have a negative impact on the building."
He says it is "very unusual" for work to stop so suddenly at this stage of construction. He says the last thing he heard is that Capital One wants to sell the Horizon "as is..."
RE: Downtown Condo Purchase - 21-17 Best Time I Ever Ha - 09-04-2014 08:16 PM
I watched it sit there, open to the elements, for years with nothing being done to it. No way would I buy a unit there. I would not trust it. And it is one of the ugliest highrises anywhere. What a wasted opportunity to add something nice to our skyline.
The worst thing, in my opinion, is that it has destroyed the view of the river to the south for many of the units in the River Towers. I wish they had finished it with the real traditional townhouses on the back, east side, instead of the ugly garage. I thought it would be lovely to live in a normal townhouse on the ground and still be able to use all the proposed amenities of the tower.
The other thing that really bothered me was the strange shape of the units, which was done to afford the highest possible number of units that would be crammed in and still get a river view. The pictures of the units always gave me a feeling of being squeezed outward toward the river, like living in a big V. Very strange feng shui.
RE: Downtown Condo Purchase - tigergreen - 09-05-2014 03:53 PM
kind of - sort of related:
http://www.bizjournals.com/memphis/news/2014/09/04/turley-plans-8-1m-addition-to-downtown-memphis.html